The Bank of Thailand is gearing up to introduce a QR code-based cross-border payment system between Thailand and India, anticipated to be operational by the third quarter of 2024, according to Bangkok Post.
Announced by Dr Daranee Saeju, Assistant Governor, Payment Systems Policy and Financial Consumer Protection Group, Bank of Thailand at the recent Money20/20 Asia event in Bangkok, this move aims to enhance the speed and security of international transactions.
This initiative is part of a broader strategy to develop a multinational payment network across Asia.
The integration with India marks a significant extension of Thailand’s existing payment links, which already include Singapore, Malaysia, Indonesia, Laos, Vietnam, Cambodia, Hong Kong, and Japan.
The collaboration involves PromtPay, Thailand’s national electronic payment platform, which already facilitates cross-border transactions within the region.
The upcoming phase of this project aims to expand these services, creating a more efficient payment network across multiple countries beyond the existing bilateral arrangements.
This extension is expected to optimise transaction efficiency across the board, building on the foundation laid by the initial launch with Singapore.
